Union Budget 2022 Live: Finance Minister Nirmala Sitharaman presented the budget for this year in the parliament. In her fourth budget, she talked on various issues within 90 minutes, of which the main highlight was crypto and blockchain.
It is bringing a revolutionary change in the global market and how could India be left unaffected by it. In today’s budget, these two were the topic of discussion. Here’s India’s take on digital currency.
India To Launch Digital Rupee, Reveals Union Budget 2022
via:ndtv
Earlier, Government talked about banning the use of crypto in India and also said it may launch its own digital currency. Now, it is confirmed that RBI is going to launch a digital rupee very soon with the help of blockchain technology. The decision was taken to make currency management system more effective and less expensive.
Also Read: India’s New Crypto Bill Proposes Rs 20 Cr. Fine, 1.5 Years Jail To Crypto Holders
Talking about the ban on crypto, a draft bill is already prepared where government has decided to put some prohibition on crypto owners in India.
Crypto Tax And TDS
via:taxguru
While it was assumed that Union Budget 2022 will clarify how the crypto will be managed in India. Instead, the budget involved the crypto tax rules, where anyone owning digital assets will have to pay 30% tax on transfer of such properties.
Furthermore, digital assets given as gifts also come under the tax slab and if a loss is incurred while transactions of such assets are not allowed to set off. One percent TDS will be applicable in case the transactions exceed the level of threshold.
Stay Tuned for more updates on Union Budget 2022